Jobless Claims Lack Catalyst for Friday's Unemployment Data

The Labor Department posted the weekly jobless claims data this morning.  The figure came to a gain of 1,000 on an adjusted basis to 433,000.  Bloomberg had the consensus estimate at 450,000, although that may have come down on the previews of the other jobs data that had come out throughout this week.

The four-week average posted an eighteen-week run downward by a drop of 10,250 to 450,250.  The big figure was in the army of unemployed measured by the continuing jobless claims, which fell by 179,000 to 4,802,000.

Today’s data is still headed in teh right direction, but the problem is that these figures are not deemed anywhere near enough to considerably move the needle in unemployment nor in jobs growth.  All eyes will probably look a bit past today and look to unemployment and the change in in non-farm payrolls due Friday.

JON C. OGG